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    The 5th edition of the Bankruptcy Deadline Checklist, authored by Norman Pernick and edited by David Dean and Jonathan Grasso, has just been released by the American Bar Association
    2016-06-02

    The Bankruptcy Deadline Checklist is a quick reference guide for those who handle bankruptcy cases including judges, lawyers, paralegals, credit managers, collection agents, professors, law students, and others.

    Filed under:
    USA, Insolvency & Restructuring, Cole Schotz PC, Bankruptcy, American Bar Association
    Authors:
    Norman L. Pernick , G. David Dean , Jonathan A. Grasso
    Location:
    USA
    Firm:
    Cole Schotz PC
    Bachmanity - From Sizzle to Fizzle and Maybe Bachruptcy (Silicon Valley - Episode 24)
    2016-06-03

    At its heart, Episode 24 was about relationships – from the wayward dating lives of Richard and Dinesh to Big Head and Ehrlich’s marriage of “Bachmanity,” the Pied Piper entourage found themselves faced with the messy unraveling of unsuccessful relationships.

    Filed under:
    USA, Insolvency & Restructuring, Sheppard Mullin Richter & Hampton LLP, Bankruptcy, Unsecured debt, Liquidation, United States bankruptcy court
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    Third Circuit Agrees, No Aggregation of Claims Among Creditors to Defeat Preference Minimum Thresholds
    2016-06-03

    The power of a debtor or trustee to avoid preferential transfers that benefit certain creditors over others is critical to achieving one of the primary tenets of the Bankruptcy Code – the equality of treatment among all creditors. This ability to recover preferences prevents a debtor from favoring certain creditors over others by transferring property in the time leading up to a bankruptcy filing. Although these preference powers are broad, they are restrained by certain conditions, including a minimum threshold on amounts that can be avoided.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Internal Revenue Service (USA), Trustee, Third Circuit
    Authors:
    Kevin Bostel
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Bankruptcy Petition Costs Litigant Right to Appeal State Court
    2016-06-06

    Learning the interplay between state rules of judicial procedure and federal bankruptcy law can be a daunting undertaking, but the pitfalls of failing to do so can be severe. A recent example of the importance of being mindful of these issues is Hewett v. Wells Fargo Bank, N.A. as Trustee, No. 2D15–1074, 2016 WL 3065014 (Fla. 2d DCA June 1, 2016) where the filing of a bankruptcy petition ultimately cost a foreclosure defendant his right to appeal a final judgment of foreclosure.

    The Second DCA summarized the procedural posture of the case as follows:

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Burr & Forman LLP, Bankruptcy, Due process, US Code, United States bankruptcy court
    Authors:
    Nicholas S. Agnello
    Location:
    USA
    Firm:
    Burr & Forman LLP
    It Ain’t Over Till (When?) — Finality of Bankruptcy Court Decisions
    2016-06-01

    The courts have long struggled with the question of whether particular orders entered by a bankruptcy court are final, and therefore appealable as a matter of right. It is generally recognized that a bankruptcy case is distinctly different from the usual civil case in that it is a framework within which a variety of disputes arise and are resolved. That distinction is recognized in 28 U.S.C. §158(d)(1), which provides that appeals as of right maybe taken not only from final judgments in cases but from “final judgments, orders, and decrees…in cases and proceedings….”

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Secured creditor, United States bankruptcy court, Seventh Circuit
    Authors:
    G. Christopher Meyer
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Vendor’s Checklist When a Customer Files for Bankruptcy
    2016-06-01

    Many vendors have had the unfortunate experience of a customer filing for bankruptcy.  If it hasn’t happened to you yet, it probably will at some point in the future.  There are certain steps a vendor should (or must) take to protect itself and maximize its opportunity to collect any debts owed by the customer.

    Filed under:
    USA, Insolvency & Restructuring, Jimerson & Cobb P.A., Bankruptcy, Debtor, Debt, United States bankruptcy court
    Authors:
    Austin B. Calhoun, Esq.
    Location:
    USA
    Firm:
    Jimerson & Cobb P.A.
    Oil and Gas Industry Update - May/June 2016
    2016-06-01

    Sabine Bankruptcy Judge Authorizes Rejection of Gas Gathering Agreements

    In In re Sabine Oil & Gas Corp., 2016 BL 70494 (Bankr. S.D.N.Y. Mar. 8, 2016), Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York permitted Sabine Oil & Gas Corporation (“Sabine”) to reject three gas gathering and handling agreements with Nordheim Eagle Ford Gathering, LLC (“Nordheim”) and HPIP Gonzales Holdings, LLC (“HPIP”). All of the agreements are governed by Texas law.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Natural gas, Covenant (law), United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Jeffrey A. Schlegel
    Location:
    USA
    Firm:
    Jones Day
    Supreme Court Adopts a Broad Reading of “Actual Fraud” Under the Bankruptcy Code
    2016-06-01

    On May 16, the U.S. Supreme Court decided Husky International Electronics, Inc. v. Ritz[1], ruling that the term “actual fraud” in section 523(a)(2)(A) of the Bankruptcy Code includes forms of fraud that do not involve a fraudulent misrepresentation.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Foster Swift Collins & Smith PC, Bankruptcy, Fraud, Supreme Court of the United States
    Authors:
    Patricia J. Scott
    Location:
    USA
    Firm:
    Foster Swift Collins & Smith PC
    Proceed with Caution: 11th Circuit Holds Debt Collectors May Face Penalties under FDCPA for Filing Proofs of Claims in Bankruptcy for Time-Barred Claims
    2016-06-01

    One of the more appealing aspects of the U.S. bankruptcy process is the relative ease in which parties in interest may file proofs of claim. In years passed all it took was to mail in a simple form to the bankruptcy court or claims agent and now it is even easier with the advent of email and electronic claims uploading. This relatively easy process, however, often comes with a plethora of invalid or unenforceable proofs of claim.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Debt, Consumer debt, Collection agency, Fair Debt Collection Practices Act 1977 (USA)
    Authors:
    Matthew Goren
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Blocking Member Provision in LLC Agreement Designed to Prevent Bankruptcy Filing Unenforceable
    2016-06-01

    A contractual waiver of an entity’s right to file for bankruptcy is generally invalid as a matter of public policy. Nonetheless, lenders sometimes attempt to prevent a borrower from seeking bankruptcy protection by conditioning financing on a covenant, bylaw, or corporate charter provision that restricts the power of the borrower’s governing body to authorize such a filing. One such restriction—a lender-designated “special member” with the power to block a bankruptcy filing—was recently invalidated by the court in In re Lake Mich.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Waiver, Limited liability company, Articles of incorporation, Bank of China, Second Circuit
    Authors:
    Mark A. Cody , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day

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